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Financial relief for members

If you've been impacted by COVID-19, we have a variety of options to help

Back to Servus and COVID-19

If you're experiencing financial hardship as a result of COVID-19, we can offer financial relief for your existing mortgage, loans and other credit products on a case-by-case basis. You should be able to focus on what’s most important while you work through this tough time.

Payment deferrals and other financial relief options are helpful short-term solutions for anyone experiencing financial hardship, but they might not be the best solution for everyone. Our advisors are here to help you determine what the right option is for you.

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Personal financial relief | Business financial relief | Servus Mastercard® financial relief | Contact us


Personal relief options

Mortgage/loan deferrals

We can defer payments (principal and interest) on personal mortgages and/or consumer or dealer loans for up to six months. During the deferral period the accrued interest will accumulate but won’t be capitalized (we won’t charge interest on interest).

Defer your mortgage/loan >>

Insurance (home and auto)

Existing home and auto insurance customers with Servus Insurance Services l Home and Auto, a division of Johnson Inc. may be eligible for financial relief options.

Review COVID-19 options and FAQ >>

Frequently asked questions

Who qualifies for the mortgage/loan deferrals?

Both personal and business members who have been directly impacted by COVID-19 and are facing financial hardship.

How do I defer my mortgage and/or loan payments?

You can email us (contact_us@servus.ca), call our Member Contact Centre (1.877.378.8728), complete the deferral request form online, or speak with your Financial Advisor or Relationship Manager.

Will deferring payments affect my credit score?

No, loans with deferred payments will not report to the credit bureau as delinquent.

How is interest calculated during the deferral period?

Interest will accrue during the deferral but it won’t be capitalized (we won’t charge interest on interest).

Can I continue to pay the interest portion of my mortgage payment?

Yes, the deferral can be made to the principal portion of your payment. If you’re able to, continuing to pay the interest portion of your payment is a great idea.

What if my mortgage is up for renewal during the deferral period?

You can still renew your mortgage and your payment deferrals will continue as per the original request.

Can I restart my payments if my situation changes?

Yes. You can contact us anytime to reactivate your payments.

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Business relief options

Mortgage/loan payment deferrals

We can defer payments (principal and interest) for up to three months, with an additional three-month period of interest-only payments, if required. Interest will accrue for the full period of the deferral and won’t be capitalized (we won’t charge interest on interest).

Defer your business mortgage/loan >>

Canadian Emergency Business Account (CEBA)

CEBA provides the option to apply for interest-free loans of up to $40,000 for small businesses and not-for-profits, to help cover your operating costs where revenues have been temporarily reduced.

Note: the CEBA program ends on December 31.

To qualify, your organization needs to demonstrate:

  • It's an active operating company with an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
  • Your annual payroll (up to $1.5 million), based on the 2019 T4 Summary of Remuneration Paid

If your organization has $20,000 or less in total employment income paid in the 2019 calendar year, you'll also need: 

  • A Canada Revenue Agency business number
  • A 2018 or 2019 tax return
  • Proof of eligible non-deferrable expenses between $40,000 and $1.5 million for 2020 (for example: costs such as rent, property taxes, utilities and insurance). Expenses will be subject to verification and audit by the Government of Canada.

There are a few easy steps to complete your organization’s CEBA application.

Tip: have your Servus business membership number, 2019 T4 Summary or latest filed tax return (2018 or 2019) on-hand before beginning your application.

  1. Check your organization’s CEBA eligibility using the CEBA Pre-Screen Tool
  2. You must have a business account through Servus and we must be your primary financial institution. If you don’t currently have a Servus business account, visit your nearest branch to open one prior to applying for CEBA.
  3. Apply for CEBA online
  4. Upload your proof of expenses
  5. Download the loan terms [pdf]

Once your application is submitted (and your proof of expenses uploaded, reviewed and approved by the Economic Development Canada (EDC) you can expect funds to be available in your account within 15-20 business days.

If you have questions about your application, contact the dedicated CEBA call centre at 1.888.324.4201, available Monday through Friday from 6am-7pm (MST).

Please access the application using browsers such as Chrome, Firefox or Safari. You may have issues trying to access it using Internet Explorer.

Note: New eligibility requirements for CEBA were announced by the Government of Canada on Aug 31. Businesses can now apply under these new criteria.

Note: On October 9, 2020 the Government of Canada announced the extension of the CEBA program through December 31, 2020 and that eligible businesses may be able to access an additional 20K in CEBA financing. We are working with our partners to facilitate this program enhancement. We will post notice here when access to the enhanced funding is available.

Canada Emergency Wage Subsidy (CEWS)

CEWS provides eligible businesses with a subsidy of 75% of their employee wages for up to 12 weeks to help you re-hire workers previously laid off as a result of COVID-19 and avoid future job losses. The Canada Revenue Agency (CRA) is encouraging eligible businesses to sign up for direct deposit to expedite your CEWS payments.

You can now sign up for CRA direct deposit within Servus Business Online Banking to receive CEWS payments. Commercial Net Banking business members can call 1.877.378.8728 or email to get set up.

Sign in to Business Online Banking >>

Guaranteed loans for small and medium businesses

As part of the Business Credit Availability Program (BCAP), Servus can provide new loans to existing members that can be used for operational expenses in response to COVID-19. Businesses in all sectors that were financially viable and generating revenue prior to the pandemic are eligible to apply.

Contact us to apply for a BCAP loan >>

Canadian Small Business Financing Program (CSBFP) loans

We can extend the amortization period of loans registered with the CSBFP and, in some cases, defer interest and principal payments for up to six months.

Contact us to request relief >>

Frequently asked questions

Mortgage and loan deferrals
Who qualifies for the mortgage/loan deferrals?

Both personal and business members who have been directly impacted by COVID-19 and are facing financial hardship.

How do I defer my mortgage and/or loan payments?

You can email us (contact_us@servus.ca), call our Member Contact Centre (1.877.378.8728), complete the deferral request form online, or speak with your Financial Advisor or Relationship Manager.

Will deferring payments affect my credit score?

No, loans with deferred payments will not report to the credit bureau as delinquent.

How is interest calculated during the deferral period?

Interest will accrue during the deferral but it won’t be capitalized (we won’t charge interest on interest).

Can I continue to pay the interest portion of my mortgage payment?

Yes, the deferral can be made to the principal portion of your payment. If you’re able to, continuing to pay the interest portion of your payment is a great idea.

What if my mortgage is up for renewal during the deferral period?

You can still renew your mortgage and your payment deferrals will continue as per the original request.

Can I restart my payments if my situation changes?

Yes. You can contact us anytime to reactivate your payments.

Canadian Emergency Business Account (CEBA)
Who is eligible for CEBA and what do I need to apply?

Businesses and not-for-profits are eligible to apply for the CEBA loan through Servus Credit Union if they:

  • Are an operating company registered in Canada on March 1, 2020
  • Have an annual payroll between $20,000 and $1.5 million as evidenced by the 2019 T4 Summary of Remuneration Paid (T4SUM)
  • Use Servus Credit Union as their primary financial institution for their business account (opened on or before March 1, 2020)

You'll need the following to apply:

  • Your 2019 T4 Summary of Remuneration Paid (T4SUM). If you can't locate your T4SUM, contact the Canada Revenue Agency to have it reissued 
  • A 15-digit Canada Revenue Agency Number also shown on the T4SUM
  • Business contact information including phone number and email address 
What happens when my business is approved for the CEBA? Will I be charged fees or interest?

When you’re approved and accept the relief measure, you’ll have access to a $40,000 term loan that has a 0% interest rate with no fees and requires no principal repayments until December 31, 2022.

What will my loan payments look like?

The loan is interest-free until December 31, 2022. No principal repayments are required during this period (unless you plan to repay 75% to qualify for the 25% forgiveness). While no principal repayments are required before December 31, 2022, it’s good practice to make steady installment payments to match the incoming cash flows from your business operations.

How do I receive the 25% loan forgiveness?

Repaying 75% of the balance on the loan ($30,000) on or before December 31, 2022 will result in loan forgiveness of 25% ($10,000).

What if I cannot repay the loan by December 31, 2022?

It can be converted into a 3-year term loan at an interest rate of 5%.

How can my business use these funds?

Following the Government of Canada’s program requirements, members must agree to use funds to pay for operating costs that cannot be deferred such as payroll, rent, utilities, insurance and property tax. Proceeds may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

What organizations are NOT eligible for CEBA?

The following organizations are not eligible:

  • Government organizations or bodies, or an entity owned by a government organization or body;
  • Unions, charitable, religious or fraternal organizations or entities owned by such an organization, or if it’s registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods and services;
  • Entities owned by individual(s) holding political office; and
  • Organizations promoting violence, inciting hatred or discriminating on the basis of sex, gender, sexual orientation, race, ethnicity, religion, culture, region, education, age or mental or physical disability.

 

Canada Emergency Wage Subsidy (CEWS) and CRA direct deposit
How do I apply for the Canada Emergency Wage Subsidy (CEWS)?

Eligible employers can apply through their CRA My Business Account or through a web-based application as of April 27.

When will I receive my Canada Emergency Wage Subsidy payments?

Signing up for Canada Revenue Agency (CRA) direct deposit is the quickest way to receive CEWS payments. Direct deposit payments should appear in your payroll account (RP) within 3-5 business days.

What about businesses who are unable to bank online or through an app?

The CRA can still issue cheques for CEWS payments.

Does enrolling for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)?

No, this sign up is only for choosing your method of receiving your CEWS payment.

Who’s eligible to enrol for CEWS direct deposit for businesses with the CRA?

To be eligible to enrol, your business must have:

  • A valid 15-digit business number
  • Payroll account (RP)

You only need to register once – if you’ve already registered with the CRA, you don’t need to register again.

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Servus Mastercard® relief options

Minimum payment deferrals/interest reductions

For existing cardholders, we can offer up to six months of minimum payment deferrals and a reduced interest rate of 10.99% (for the first three months). If you defer your minimum payments, your balance will still reflect unpaid interest, but it won’t be capitalized (no interest on top of interest).

Request a Mastercard payment deferral >>

Balance Protection Insurance (BPI)

If you have Balance Protection Insurance coverage on your Servus Mastercard, you may be able to claim for involuntary unemployment or loss of self-employment income benefits. Refer to your Certificate of Insurance [pdf] for eligibility details. If you’re eligible, you can submit a claim through Assurant Insurance’s online portal.

Apply for BPI benefits online >>

Circle Rewards® redemption

If you have a balance of Circle Rewards points, you may be able to redeem them for cash that can be applied towards the minimum payment owing on your Mastercard statement. Note that the maximum redemption value is 25,000 points ($250) and requests must be made in $5 increments.

Contact us to redeem your Circle Rewards >>

Frequently asked questions

 
Who qualifies for the Servus Mastercard interest rate reduction?

Existing cardholders who have been directly impacted by COVID-19 and are facing financial hardship.

How do I get an interest rate reduction?

You can email contact_us@servus.ca, call our Member Contact Centre (1.877.378.8728) or speak with your Financial Advisor or Relationship Manager.

When will the rate reduction be applied?

The payment deferral and rate reduction will take effect in the statement period that it was posted.

For example: Your statement date is May 30. You request relief on May 5 and it’s posted to your account the same day. Your statement will be generated on May 30 and it will show that you were charged 10.99% for the entire month of May and the minimum payment will be $0.

Members who requested payment relief prior to April 20 will see the rate reduction on their next statement cycle after April 20, 2020. 

Can I extend the rate reduction beyond 3 cycles?

Servus will assess extensions on a case-by-case basis. Contact us at 1.877.378.8728 to discuss your options.

If I’ve already requested a deferral of my Mastercard payments, do I need to contact Servus again to reduce my interest rate?

No. If you’ve already requested a payment deferral, you’ll automatically receive the interest rate reduction.

Are there any associated penalties or fees with this rate reduction?

There are no penalties or fees for this rate reduction.

What will the interest rate reduction look like on my statements?

You’ll see the reduced interest rate located at the bottom of the last page of your statement.

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Contact us to start the conversation

Individual members: email contact_us@servus.ca (please include your name, phone number and branch you normally bank with).

Business members: contact your relationship advisor or email contact_us@servus.ca.

Request a payment deferral

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